WELLINGTON, FLA. — Federal Realty Investment Trust, a publicly traded REIT, has sold The Courtyard Shops at Wellington for $52.8 million. The grocery-anchored shopping center is located in Wellington, a town in Palm Beach County. Federal Realty acquired the 127,000-square-foot property in 2008 and since then has increased value for the property by activating formerly vacant spaces and outparcels. The shopping center’s tenant roster includes Publix, Leslie’s Swimming Pool Supply, Tijuana Flats, Bank of America and IHOP.
MIAMI — Colliers International has brokered the $65 million sale of the Holiday Inn Port of Miami located at 340 Biscayne Blvd. in Miami. Roughly 1.1 miles from the Port of Miami, the hotel will be the site of the proposed World Trade Center of the Americas, a 77-story mixed-use project that will feature 400 condominiums, 240 hotel rooms, 270,000 square feet of retail space and 246,000 square feet of office space, according to the Miami Herald. The city of Miami’s Urban Design Review Board has approved site plans for the project. An entity run by Gilberto Bomeny, the developer of the World Trade Center of the Americas, known as 340 Biscayne Owner LLC purchased the site from Marina Park Inn LLC. Larry Stockton and Jeff Resnick of Colliers International’s South Florida office brokered the sale.
MIAMI BEACH, FLA. — Stantec’s Miami office has begun renovations of the Berkeley Shore Hotel, a historic hotel located at 1610 Collins Ave. in Miami Beach. The 45,100-square-foot redevelopment will comprise 96 guestrooms, a restaurant and the addition of a new 10-story tower with a rooftop Zen garden and pool. The tower will sit behind the existing structure and will resemble the original Art Deco exterior of the Berkeley Shore Hotel that opened in 1940. The hotel renovations are scheduled to wrap up in spring 2016.
TAMPA, FLA. — Franklin Street Real Estate Services has closed the sales of five apartment communities in the metro Tampa area totaling more than $50 million. The five properties span roughly 950 units combined. Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zachary Ames of Franklin Street brokered all five transactions. The buyers and sellers are private companies from the Tampa area and various locations throughout the U.S. The transactions included the $23.5 million sale of Harbour Cay in Largo, the $14.8 million sale of The Park at Chesterfield, the $7 million sale of University Oakwoods, the $4.3 million sale of Bayside North and the $1.9 million sale of Grove Court-Plant City, all in Tampa. All of the buyers are planning to make substantial investments to upgrade the properties.
WEST PALM BEACH, FLA. — CapasGroup Realty Advisors and Cushman & Wakefield have teamed up to broker the $24 million sale of a full city block at 419 Lakeview Avenue in downtown West Palm Beach. Known as Lakeview Centre, the 3.2-acre site is approved for nearly 1.1 million square feet of office, residential, hotel and retail uses. Brad Capas of CapasGroup and Mark Pateman and Rosendo Caveiro of Cushman & Wakefield teamed up to represent the seller, an offshore entity, in the transaction. The buyer is a private investor with existing holdings in the West Palm Beach area.
WEST PALM BEACH, FLA. — Aztec Group Inc. has arranged a $12.7 million construction loan for a planned 105-unit multifamily community in West Palm Beach’s Northwood neighborhood. The 1.3-acre development site is located at 312 23rd St. north of downtown West Palm Beach. Jason Katz of Aztec Group arranged the loan through City National Bank of Florida on behalf of the developer, Parkland Cos.
ORLANDO, FLA. — NGKF Capital Markets has recently completed three separate investment sale transactions in the metro Orlando area totaling nearly $100 million. Most recently, the company closed the $21.2 million sale of Vista Centre Shoppes, a 98,411-square-foot shopping center near Disney World. NGKF Capital Markets represented the buyer, GL Orlando Vista LLC, a real estate investment firm based in South Florida. Auction.com represented the seller, TSO Vista Centre. NGKF Capital Markets also brokered the sale of two multifamily communities on behalf of the seller, CWCapital Asset Management LLC. The properties, Victoria Place Apartments and Charter Pointe Apartments, sold at a combined $71 million. Adam Greenberg, Michael Lapointe, Michael Lohmann, Scott Gordon and Stephanie Ceballos comprise the NGKF Capital Markets team that brokered all three transactions.
MIAMI — Monogram Residential Trust Inc., a publicly traded operator and developer of luxury apartment communities, has opened SOMA, a new 418-unit multifamily community in downtown Miami’s Brickell district. Monogram Residential developed the eight-story boutique community in partnership with Alliance Residential Co. Monogram and Monogram Residential Master Partnership I LP, a joint venture between Monogram and PGGM Private Real Estate Fund, a real estate investment vehicle for Dutch pension funds, provided equity for the development of SOMA. The Class A property is located at 145 S.W. 13th St. within blocks of Mary Brickell Village, the Brickell Metrorail Station and Simpson Park. Community amenities include 24-hour package receipt and delivery via Luxer locker systems, electric car charging stations, an athletic center overlooking downtown Miami, yoga studio, big screen movie theater and a rooftop resort with a pool, grilling stations, lounge area and basketball court. Unit interiors feature epicurean kitchens, designer lighting, al fresco balconies, walk-in closets and Roman soaking tubs.
ORLANDO, FLA. — Liberty Property Trust has sold a 713,585-square-foot industrial property located at 8201 Chancellor Drive in Orlando for $35.5 million. Liberty recently completed a long-term lease renewal with CVS at the facility. Frank Fallon, Mike Hines and David Murphy of CBRE represented Liberty in the transaction. Exan Capital LLC advised the undisclosed buyer. Liberty, an $8 billion, publicly traded REIT, currently owns and manages 3.6 million square feet of industrial space in Orlando.
MIAMI — SunTrust Community Capital (STCC) has provided $42.1 million in construction financing for the development of Allapattah Trace Apartments, a 77-unit affordable housing property located in Miami’s historic Allapattah neighborhood. The borrower, The Richman Group, began construction on the project in October and plans to deliver the community by the end of 2016. Allapattah Trace will feature one- and two-bedroom units, and each apartment will have Energy Star-certified appliances, a central HVAC system and a walk-in closet. Community amenities will include a clubhouse, business center, playground, exercise facility and laundry room. Services such as tutoring and an after-school program will also be available. STCC made a $23.7 million Low-Income Housing Tax Credit equity investment in the development, and SunTrust Banks Inc. provided construction loans totaling $18.4 million.